The above table shows some of the balance of payments accounts for Urland. What is Urland's balance on the current account?
A) $80 billion
B) $62 billion
C) $84 billion
D) $47 billion
C
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The GDP price index equals
i. nominal GDP divided by real GDP multiplied by 100. ii. a measure of the price level. iii. an average of current prices expressed as a percentage of base-year prices. A) i, ii, and iii B) iii only C) ii and iii D) i only E) i and ii
Assume that an individual has to decide between a two-day vacation and a three-day vacation to the same place. If he uses optimization in differences, he will:
A) only think about the net benefits of the extra day. B) compare the total net benefits of both alternatives. C) choose the three-day vacation only if the costs incurred on the third day exceed the benefits he receives. D) spend more time to come to a decision than if he would have used optimization in levels.
What stage of the business cycle immediately follows the trough?
a. Peak. b. Expansion. c. Recession. d. Depression.
Research into new technologies
a. provides positive externalities because it creates knowledge others can use. b. results in negative externalities because government funding for research causes less government spending in other areas. c. is protected by patent laws, which eliminates the need for government intervention. d. should only be funded by the corporations that will receive the profits from the research.